Miller Publishing to Acquire Six Magazines from The New York Times Company

Posted on October 3, 1997

Miller Publishing Group LLC has entered into an agreement with The New York Times Company to acquire the properties of its tennis, sailing and ski businesses, each primarily engaged in publishing magazines. The six magazines included in the sale are: Tennis and Tennis Buyer's Guide; Cruising World and Sailing World; Snow Country, and Snow Country Business. The transaction is expected to be completed in the fourth quarter of 1997.

The announcement was made jointly by Robert L. Miller, president of Miller Publishing Group, and Arthur Ochs Sulzberger, chairman and chief executive officer of the New York Times Company. Miller said, "We're extremely excited about the opportunity to acquire these premiere franchises. These quality publications and their upscale readership provide the Miller Publishing Group with an additional platform upon which to build."

Miller Publishing Group, with headquarters in Los Angeles, is a partnership recently formed between Freeman Spogli & Co. Inc., a private equity investment firm and Miller, a former Time Inc. executive. This acquisition is the fourth transaction completed this year by Miller Publishing Group. The company earlier acquired controlling interest in two music publications, VIBE and SPIN, as well as WHERE, the world's leading visitors' publication.